Oceanteam ASA initiates financial restructuring

Oceanteam ASA ("Oceanteam" or "Company") is in the process of developing a restructuring plan that will secure a capital cost and structure which will support the value preservation and financial flexibility while enabling value creation for all stakeholders.

Oceanteam has initiated constructive dialogue with its stakeholders to shape its financial restructuring process and improve the financial flexibility in today's challenging market situation. The Company is facing serious financial restraints by its current capital cost and structure, which is restricting its ability to develop in the interest of its stakeholders. This has taken the effect of immediate cash liquidity constraint for various reasons - some of temporary and some of permanent character. The Company needs financial flexibility to further advance the business while coping with the market circumstances. Consequently the Company has initiated dialogue with its banking group and will immediately do the same with its Bondholders with the aim of establishing a revised capital structure and cost of capital supporting the long term growth of Oceanteam. The Company is currently reviewing all alternatives available given the current market conditions and will detail this initiative in near future.